"I would add further, that the margin trend of late (lat few...

"I would add further, that the margin trend of late (lat few years), even allowing for currency influences on the GM, is very telling too. I would finally add (and this obviously related to the former) that the trend of cash consumption (total_capex to OCF) is quite telling also."

@MarsC

My curiosity has been piqued by these observations, because I'm not sure what it was about the margin trends and the Total Capex-to-OCF that you find to be telling.

Because, looking at graphical representations of EBIT Margins and Total Capex[*]-to-Operating Cash Flow (refer below), while the trends in the past few years are satisfactory, there's nothing I can see that makes them especially remarkable, for mine.

Can I ask what it is that you are seeing that has caused you to comment in the specific manner you did?




[*] As you can see in the labels for the relevant charts, Total Capex I've defined as Payments for PP&E plus Payments for Intangibles